Falana sues CBN for alleged illegal floating of naira

A Senior Advocate of Nigeria, SAN, Femi Falana has said the Central Bank of Nigeria’s decision to float the Naira at the foreign exchange market was illegal.

Falana disclosed this on Friday during a Channels Television interview monitored by The Telegraph.

He stated that the country’s economy is in crisis because it has been dollarized.

The human rights lawyer lamented that domestic transactions such as rent, school fees and others are being made in Dollars thereby putting pressure on the Naira.

“The major problem is the dollarisation of the economy. As long as the government is not prepared to strengthen the Naira, to make the Naira the only legal tender in Nigeria, we are going to go further.

“Speaking from a legal perspective, I sued the Central Bank of Nigeria at the Federal High Court because section 16 of the Central Bank act allows the bank to fix and determine the Naira’s rate vis-a-vis other currencies, so there is no provision for floating the Naira.

“Section 20 of the Central Bank act states that the only legal tender in Nigeria shall be the currency issued by the Central Bank”, he said.

The Telegraph recalls that the CBN floated the Naira at the forex market in June.